In response to the ONS Private Rents and House Prices Data published today which showed that house prices rose from £281,000 to £282,000 month on month (0.3% growth) despite decreasing by 0.6% in the 12 months to March 2024, Nick Leeming, Chairman of Jackson-Stops, comments:

“It is encouraging to see house prices stabilising early on in the year, positioning the market well for strong growth as we move further into spring. While this early stability reflects easing mortgage rates and increased supply, if the Bank of England chooses an interest rate cut in the coming months, there is also hope of a better paced recovery. Falling inflation, a more stable economic outlook and increased public confidence, have together painted a quietly positive outlook for the property market.

“While challenges naturally remain, with first-time buyers continuing to experience affordability challenges and the supply of new homes still falling short, the more balanced market that we now find ourselves is no small feat.

“Across the Jackson-Stops network in March we saw a positive uptick in the number of new instructions from sellers and sales agreed, this should soon trickle down into the number of completions we are seeing over the next few months. It remains clear that where properties have been priced fairly, and in line with local market conditions, there continues to be high interest from committed buyers who are pressing on with their searches.

“The market hopes that the remainder of 2024 continues to lay the path for a period of greater activity, positivity and completions at all stages of the market. The extent that 2024 ends in a stronger position than it began will be underpinned by the manifesto promises and political point scoring in the run up to the General Election. However, if the last few years are anything to go by, we have seen a market pattern of resilience against wider headwinds, whether they be political or economic. After the 2019 general election, the ‘Boris Bounce’ created a surge in consumer confidence unlocking pent-up demand across the property market. Whilst a repeat of this phenomenon in unlikely, there is optimism that a decisive victory for a single party will unlock further investor confidence.”